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H 3332

An Act relative to the 401(k) CORE program

194th Legislature (2025-2026) Introduced by Ann-Margaret Ferrante

Massachusetts bill establishes state-facilitated 401(k) CORE program enabling small businesses to offer portable retirement savings accounts to workers lacking employer plans.

Bill reported favorably by committee and referred to the committee on House Ways and Means
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Bill Summary · H 3332

Legislative bill overview

H 3332 establishes the 401(k) CORE (Collaborative Opportunity and Retirement Enhancement) program in Massachusetts, designed to provide retirement savings options for private-sector workers who lack employer-sponsored retirement plans. The bill creates a state-facilitated auto-enrollment system allowing small and medium-sized businesses to offer portable retirement accounts to employees through a simplified, low-cost mechanism.

Why is this important

Approximately 40% of American private-sector workers lack access to employer retirement plans, creating significant retirement security gaps. By lowering barriers to plan administration and enrollment, Massachusetts could increase retirement savings participation among its workforce, particularly benefiting lower-income workers who might otherwise save nothing. The program addresses both individual financial security and potential reduction in future reliance on public assistance.

Potential points of contention

  • Business compliance burden: Small employers may worry about administrative costs, regulatory requirements, and fiduciary liability despite state facilitation, potentially limiting voluntary participation
  • Program design details: The bill's specific structure—including contribution caps, investment options, fee structures, and state administrative costs—requires clarification on how these will be determined and funded
  • Market competition concerns: Financial services industry stakeholders may question whether state involvement crowds out private-sector retirement plan solutions or creates unfair competitive advantages

Compiled from official sources — confirm details with the bill’s official record.

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